Silver Price Analysis: XAG/USD consolidates as a triple-bottom pattern emerges at hourly chart

Silver price (XAG/USD) experiences mild losses, lingering below the $21.00 mark amidst a cautious market.
Technical analysis reveals a consolidation phase, with seven-month-low support at $20.91 and resistance around $21.50.
Short-term triple-bottom pattern emerges, targeting $22.00, contingent on breaking through several resistance levels.

Christian Borjon Valencia FXStreet

Silver price (XAG/USD) remains subdued late in the New York session, printing mild losses of 0.35%, below $21.00 per troy ounce after hitting a daily high of $21.29.

The XAG/USD daily chart portrays the white metal in consolidation, capped on the downside by a seven-month-low at around $20.91. On the upside, resistance lies at around $21.50, slightly below a ten-month-old support trendline. A break of those levels could pave the way to test $22.00.

In the short term, the XAG/USD is forming a triple-bottom chart pattern, which would confirm its validity with a break above the October 4 high of $21.39, but on its way towards that price, the non-yielding metal must face solid resistance levels. The first supply zone would be the 20-hour Exponential Moving Average (HEMA) at $21.05, followed by the top of the Bollinger bands at $21.32, before cracking the latest cycle high. The triple-bottom next target would be $22.00.

XAG/USD Price Action – Hourly chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	20.94
Today Daily Change	-0.07
Today Daily Change %	-0.33
Today daily open	21.01

Trends
Daily SMA20	22.69
Daily SMA50	23.23
Daily SMA100	23.43
Daily SMA200	23.41

Levels
Previous Daily High	21.4
Previous Daily Low	20.69
Previous Weekly High	23.65
Previous Weekly Low	22.12
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	20.96
Daily Fibonacci 61.8%	21.13
Daily Pivot Point S1	20.67
Daily Pivot Point S2	20.32
Daily Pivot Point S3	19.95
Daily Pivot Point R1	21.38
Daily Pivot Point R2	21.75
Daily Pivot Point R3	22.1

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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